Bitcoin tumbled by the most in two weeks, falling below $19,000.
The price drop came after a 10-day stretch during which bitcoin traded right around the $20,000 mark.
The largest cryptocurrency by market capitalization had struggled to overcome what appeared to be price resistance at $21,000.
The bitcoin price fell as low as $18,680, its lowest point since June 30. As of 5:29 p.m. ET, the cryptocurrency was trading around $18,991, down 3.7% over the past 24 hours, according to the CoinDesk Bitcoin Price Index.
“Each failed attempt increased the likelihood of a test of the bottom of the price range” near $18,000, Joe DiPasquale, CEO of crypto hedge fund manager BitBull Capital, told CoinDesk via a text message.
The S&P 500 slipped 0.41% Tuesday as traders worried the Federal Reserve could stay aggressive in its campaign to tamp down inflation in the U.S.
Bitcoin often trades down when there’s heightened speculation of more hawkish monetary policy.
“From a technical perspective, the price remains in line with our projections, and we would be looking to accumulate between here and $15,000,” DiPasquale said.
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JasperMATIC, the native cryptocurrency of Polygon, has recently gained traction, showing a 50% increase in price surge in the last 20 days, amid the optimistic trend circling the cryptocurrency market due to the recently finished Uptober rally.
BitcoinworldBitcoin saw a double rally today, pushing its price beyond $35,000 after an earlier surge past $31,000 on Monday morning, marking the highest point of the cryptocurrency in 2023.
CatherineBitcoinworldThe interest in Bitcoin on social media platforms over the weekend of September 24-25 has recorded a significant spike.
FinboldSaylor believes that bitcoin is the answer to inflation as the Fed prepares to meet on Sep. 21, 2022.
BeincryptoTrading Is Still Sideways as the Price of Bitcoin Oscillates at $19,000 While Ethereum Dares to Push Over $1,600.
NulltxNulltxChanges in the macro environment have reduced the pressure on risky assets, and there are also views that predict that the market will surrender Bitcoin at a price of $14,000, giving Bitcoin shorts "anesthetic hope."
CointelegraphThe price of BTC fell to an intraday low of $45,672. Analysts said that a classic technical analysis pattern and on-chain data point to a strong fall back to $40,000.
Cointelegraph
